Zurich: shares up 3% after solid publication
(CercleFinance.com) - Shares in Zurich Insurance were up on Thursday after the Swiss-based insurer issued a "very satisfactory full-year publication" according to analysts, especially given last year's historic weather events.
Zurich posted a 6% fall in full-year net income this morning, at three billion dollars, although this still largely beat the consensus of 2.7 billion dollars.
Business operating profit for the 12 months to 31 December 2017 reached 3.8 billion dollars, down 15% y-o-y, due to higher levels of natural catastrophe losses.
The hurricanes Harvey, Irma and Maria had an annual cost of 700 million dollars, Zurich said.
The insurance group, which offers a 6% dividend yield, said it would pay a dividend of 18 Swiss francs per share for 2017, up 6% from the previous year.
Zurich also said it was is on track to deliver on its 2019 targets, including cost cutting of 700 million dollars.
All these announcements were warmly welcomed by investors in Zurich, with the shares up 3.1% this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Zurich posted a 6% fall in full-year net income this morning, at three billion dollars, although this still largely beat the consensus of 2.7 billion dollars.
Business operating profit for the 12 months to 31 December 2017 reached 3.8 billion dollars, down 15% y-o-y, due to higher levels of natural catastrophe losses.
The hurricanes Harvey, Irma and Maria had an annual cost of 700 million dollars, Zurich said.
The insurance group, which offers a 6% dividend yield, said it would pay a dividend of 18 Swiss francs per share for 2017, up 6% from the previous year.
Zurich also said it was is on track to deliver on its 2019 targets, including cost cutting of 700 million dollars.
All these announcements were warmly welcomed by investors in Zurich, with the shares up 3.1% this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.